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November 26, 2009

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Hard Rock Cafe CEO resigns

Thursday, Jan. 30, 2003 | 9:38 a.m.

LONDON -- Rank Group Plc, owner of the U.K.'s Grosvenor casinos, said Pete Beaudrault resigned as chief executive officer of the company's Hard Rock Cafe division, which has suffered declining sales for at least a year.

Rank Chief Executive Mike Smith will assume direct management of the Hard Rock chain until a successor is found. The company also reiterated that 2002 earnings are in line with forecasts, said Suzanne Bartch, a public relations consultant for Rank.

Hard Rock, with more than 100 rock music-theme cafes in major cities such as Las Vegas, New York and London, has lost food and merchandise sales in part because of a slump in overseas tourism. Pretax profit at the unit, which accounts for about 15 percent of Rank's earnings, fell by about two-thirds in the first half.

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